Environmental initiatives were a focus of Treasurer Wayne Swan's 2009 budget speech, with the Government announcing the establishment of a $4.5 billion Clean Energy Initiative to support law emission energy generation. According to a Government statement, this represents an unprecedented $3.5 billion injection into clean energy by the Government.
The Clean Energy Initiative includes a $2.4 billion investment in law emissions coal technologies, including funding for industrial scale carbon capture and storage programs under the Carbon Capture and Storage Flagships program.
The initiative will also involve investment of $465 million to establish Renewables Australia, a new body which will promote the research, development and commercialization of low emission technologies.
The Government has also committed to investing $1.6 billion into solar technology, including the establishment of four solar flagship projects to demonstrate the viability of this technology.
The initiatives form part of the Government's commitment to meeting its expanded renewable energy target under which 20 per cent of the country's electricity must come from renewable sources by 2020.
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